Newsday – Maybe you heard the one about the phony multibillion-dollar Long Island hedge fund that was actually performing a public service.
No? Well, apparently neither did four confidence men, according to federal prosecutors.
The four were convicted yesterday in federal court in Central Islip after walking into a federal sting operation in which they thought they were about to collect $3 billion from a hedge fund. The money was to be used to build what they said was a pipeline through the Russian Republic of Buryatia, prosecutors said.
The unnamed fund was a creation of FBI agents and the Postal Inspection Service, Assistant U.S. Attorney James Miskiewicz said during the seven-day trial.